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VOL. 126 | NO. 199 | Wednesday, October 12, 2011

Daily Digest

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Permit, Construction Loan Filed for Germantown Station

Germantown Station retail center, slated to be built at 750 N. Germantown Parkway in Cordova, is a couple of steps closer to reality.

The 1.8-acre lot is on the east side of Germantown Parkway south of Walnut Run Road, on the site of the former Memphis Area Home Builders Association headquarters.

A CVS pharmacy is on the corner of those two streets.

Gill Enterprises in late September took out a $2.6 million construction loan through U.S. Bank NA, with a maturity date in 2016. Shortly after the loan was filed, a $1 million building permit was filed with the city-county Office of Construction Code Enforcement, listing Gill Properties as owner and Wit-Con Inc. as contractor.

Ray Gill of Cordova-based Gill Properties Inc. said the permit is for the shell of the building.

The architect is Renaissance Group, which has worked with Gill on multiple projects in the past.

“The building will be asymmetrical, and it will have multiple brick types and colors, and it will have Renaissance stone at the base,” Gill said, adding the look is meant to evoke the idea it was built at different times.

At more than 18,000 square feet, the building will have 11 bays. Two are preleased; Friday Tuna, a Japanese restaurant, will occupy three bays totaling 5,300 square feet. Menchie’s, a frozen-yogurt store, will occupy a 2,000-square-foot bay.

The remaining seven bays are open, Gill said, and the company is in talks with an apparel retailer and another restaurant, among other businesses.

Gill said the property is slated for completion in spring.

After tearing down the MAHBA headquarters and leasing the corner parcel to CVS, Gill Properties had no plans to build on the adjacent site, Gill said.

“When we tore the building down, the phone started ringing,” he said. “We ended up with 11 qualified companies that wanted to be in this building. You could knock me over with a feather.”

Source: The Daily News Online & Chandler Reports

– Kate Simone

Report: Delta Making More Cuts at MEM

Delta Air Lines Inc. is cutting service from Memphis International Airport to seven cities in the U.S., according to the airline industry website, www.airliners.net.

The website reports service from Memphis – where Delta operates one of its U.S. hubs – to seven cities will be discontinued effective Jan. 4. The cities listed are Seattle; Mobile, Ala.; Baltimore, Md.; Gulfport-Biloxi, Miss.; Grand Rapids, Mich.; Wichita, Kan.; and Panama City, Fla.

The website also reports one flight a day will be cut from Memphis to Cleveland; Newark, N.J.; Huntsville, Ala.; Jacksonville, Fla.; Philadelphia; and Shreveport, La.

Delta officials later confirmed the service cuts saying they are in line with cuts the airline announced earlier this year.

Memphis-Shelby County Airport Authority president Larry Cox told The Daily News the cuts sound like seasonal cuts that could be restored again later, something that happens routinely in the cyclical air travel business.

“I think this is a seasonal cut,” he said. “They made an announcement earlier this year that they were going to be reducing flights overall to Memphis and cutting daily frequencies. It’s my understanding that they are staying within the framework that they originally announced.

“I don’t think we have anything definite on that.”

As part of an overall system realignment by the Atlanta-based airline, Delta permanently reduced what it considered to be excess capacity effective in late August by eliminating some regional flights at Memphis International.

– Bill Dries

Willow Lake Foreclosure Sale Slated for Oct. 14

The foreclosure sale of the 17-building, mixed-use Willow Lake Business Park and Corporate Park in Hickory Hill is slated for Friday, Oct. 14, at noon at the Shelby County Courthouse, 140 Adams Ave.

The property was originally slated for a foreclosure sale Feb. 18 and was postponed multiple times, said substitute trustee R. Spencer Clift III of Baker, Donelson, Bearman, Caldwell & Berkowitz PC.

The foreclosure is being pursued because borrowers of the mixed-use property – listed as five separate Delaware limited liability companies related to Chicago-based HSA Commercial Real Estate – defaulted on a $67 million loan through Countrywide Commercial Real Estate Finance Inc. dated Dec. 28, 2006. That loan was later assigned to LaSalle Bank National Association and then to U.S. Bank NA.

The property includes multiple addresses on Raines Road, Willow Lake Boulevard, Knight Road, South Perkins Road and Cromwell Cove. Included property descriptions list parcels in Willow Lake Business Park, Chickasaw Cession, Corporate Park and Hickory Hill Industrial Park.

– Sarah Baker

Saint Francis Hospital Earns Gold Seal

Saint Francis Hospital-Memphis has earned The Joint Commission’s Gold Seal of Approval for accreditation by demonstrating compliance with the commission’s national standards for health care quality and safety in hospitals.

The Joint Commission is the nation’s oldest and largest hospital accreditation agency.

“Our staff’s commitment to provide high quality health care is a key element in achieving Joint Commission accreditation,” said David Archer, president and CEO of Saint Francis Hospital, a 519-bed full service facility at 5959 Park Ave. “I am proud of their hard work, compassion and dedication to patient care.”

The Joint Commission’s hospital standards address important functions relating to the care of patients and the management of hospitals. Standards are developed in consultation with health care experts, providers, measurement experts and patients.

– Aisling Maki

Leadership Memphis Partners for Book Club

Leadership Memphis is partnering with Michael Synk to present the Leadership Memphis Book Club by In-Synk on Oct. 14.

This program, which was held out east in previous years, is now bringing a session Downtown.

In-Synk focuses on business, leadership and management titles, and the format is a presentation, handouts with key points and facilitated discussion explaining the book in one hour.

The title on Oct. 14 is “Driving Excellence” by Mark Aesch.

The book examines the transformation of the New York City Transit Authority.

The book club is being inaugurated as Leadership Memphis is in the process of creating Web-based content for alumni, launching a new logo and making plans to move into a new office space at 365 S. Main St.

“We have continued to refine the activities and presentation for our current classes, but we needed to focus on offering engagement opportunities for our alumni,” said Ken Hall, manager of communications and alumni and engagement for Leadership Memphis.

“The book club along with ‘learning journeys’ and service projects fills a void with valuable, useful information. It is also a great networking opportunity.”

The session will be held at South of Beale, at 361 S. Main St.

Cost to attend is $20 for Leadership Memphis alumni and current class members and $25 for the general public. To make a reservation, visit lmdriving.eventbrite.com.

– John Lintner

XMC Inc. Hires Production Specialist

Memphis-based XMC Inc., which provides sales, leasing, service and supplies such as printers and digital presses, has hired document workflow specialist Anna Savoy to lead the company’s nine territories in managed print services and document workflow production.

Savoy has five years’ experience in the field and specializes in office solutions, improving office productivity and helping businesses find ways to spend less on printing services.

Based in Memphis, XMC has four other offices in Tennessee (Chattanooga, Jackson, Savannah and Nashville), two in Arkansas (Jonesboro and Little Rock) and two in Alabama (Huntsville and Florence).

– Andy Meek

Verso to Lay Off 300 in Maine, Minn.

MEMPHIS (AP) – Verso Paper Corp. said Tuesday that it will lay off 300 employees and permanently shut down three paper machines at mills in Maine and Minnesota, citing soft demand for coated groundwood papers and rising materials costs.

The move will reduce the coated paper producer’s annual production capacity by 193,000 tons.

Verso said it will shutter the No. 2 coated groundwood paper machine at its mill in Buckport, Maine, on Oct. 23. It will shut down two supercalendered paper machines at a mill in Sartell, Minn., on Dec. 14.

Some 125 employees will be cut at the Buckport mill, while 175 will lose their jobs at the Sartell mill.

Demand for coated groundwood papers has improved since slowing sharply in 2009, but continues to face headwinds, said Mike Jackson, Verso’s president and CEO.

At the same time, materials prices have continued to rise, he added.

The shutdowns will result in pre-tax charge to earnings of about $22 million, including about $13 million for severance and benefit costs.

– The Associated Press

PROPERTY SALES 56 437 16,061
MORTGAGES 76 508 18,556
BUILDING PERMITS 241 876 33,390
BANKRUPTCIES 64 301 10,314